在回购规模扩大的同时，上市公司回购的"含金量"也在提升。在政策引导下，以减少注册资本为目的 的"注销式回购"案例不断增加，成为市场关注的焦点。 宝钢股份7月21日公告称，公司拟注销用于股权激励计划的股份12655.93万股，回购金额为5.43亿元。类 似注销回购股份的A股上市公司有初灵信息、九号公司、欣贺股份、奇安信等。 南开大学金融发展研究院院长田利辉认为，注销式回购升温是政策引导、市场逻辑与企业诉求的三重共 振。去年以来，新"国九条"、《上市公司监管意见》等文件明确将注销式回购纳入股利支付率计算，并 强化对"忽悠式回购"的约束，政策红利直接提升了企业的实施动力。 A股此轮回购热潮的背后，离不开政策工具的有力支持。2025年，中国人民银行优化股票回购增持再贷 款的政策安排，将申请贷款时的自有资金比例要求从30%降至10%，将贷款最长期限由1年延长至3年。 5月份，中国人民银行将5000亿元证券、基金、保险公司互换便利和3000亿元股票回购增持再贷款两个 工具额度合并，总额度为8000亿元。6月份召开的中国人民银行货币政策委员会2025年第二季度例会提 出，用好证券、基金、保险公司互换便利和股票回购增持再贷款 ...

深圳商报记者钟国斌 "注销式回购"案例不断增加 在回购规模扩大的同时，上市公司回购的"含金量"也在提升。在政策引导下，以减少注册资本为目的 的"注销式回购"案例不断增加，成为市场关注的焦点。 宝钢股份（600019）7月21日公告称，公司拟注销用于股权激励计划的股份12655.93万股，回购金额为 5.43亿元。类似注销回购股份的A股上市公司有初灵信息（300250）、九号公司、欣贺股份、奇安信 等。 南开大学金融发展研究院院长田利辉认为，注销式回购升温是政策引导、市场逻辑与企业诉求的三重共 振。去年以来，新"国九条"、《上市公司监管意见》等文件明确将注销式回购纳入股利支付率计算，并 强化对"忽悠式回购"的约束，政策红利直接提升了企业的实施动力。 A股此轮回购热潮的背后，离不开政策工具的有力支持。2025年，中国人民银行优化股票回购增持再贷 款的政策安排，将申请贷款时的自有资金比例要求从30%降至10%，将贷款最长期限由1年延长至3年。 5月份，中国人民银行将5000亿元证券、基金、保险公司互换便利和3000亿元股票回购增持再贷款两个 工具额度合并，总额度为8000亿元。6月份召开的中国人民银行货币政策委员会 ...

A股上市公司掀回购潮。据Wind数据统计，10月14日，17家上市公司共发布17个股票回购相关进展。其 中，6家公司首次披露股票回购预案，3家公司回购方案获股东大会通过，4家公司披露股票回购实施进 展，4家公司回购方案已实施完毕。 深圳商报·读创客户端记者 钟国斌 据记者不完全统计，今年1月1日至10月14日，已有1374家A股上市公司实施回购，合计回购股份数量超 119亿股，合计回购金额达1125.96亿元。 从上市公司回购金额来看，今年共有13家公司回购金额超过10亿元，具体为美的集团、贵州茅台、牧原 股份、徐工机械、宁德时代、药明康德、海康威视、三安光电、京东方A、中远海控、三一重工、国泰 海通和海尔智家。其中，美的集团回购额位居榜首，回购金额达67.69亿元；贵州茅台、牧原股份回购 额位居二、三名，回购金额分别为60亿元、30.02亿元。 Wind数据显示，截至10月14日，共有750家上市公司或重要股东获得回购增持再贷款，总金额约1518.54 亿元。其中，今年以来，498家上市公司或重要股东获得回购增持再贷款，总金额约1025.70亿元。从行 业龙头到中小市值公司，均受益于此项政策。例如，贵州茅台 ...

本报记者 袁传玺 自8月中旬中报静默期结束后，腾讯控股（以下简称"腾讯"）显著加大了回购力度，将每日回购金额从5亿港元提升至5.5亿 港元。Wind资讯数据显示，截至10月12日，腾讯年内回购总额已达609.6亿港元，回购1.22亿股，最高回购价683港元/股，最低 364.8港元/股，回购份额占回购前总股本的1.33%。 有业内人士对《证券日报》记者表示，腾讯通过高频次、大规模的回购，向资本市场展示了科技巨头的战略定力与价值主 张。 腾讯股价的大幅回弹不仅缘于回购，也得益于业绩的强劲支撑。2025年上半年财报显示，公司实现营业收入3645亿元，同 比增长14%，非国际财务报告准则公司权益持有人应占盈利1244亿元，同比增长16%。其中，第二季度实现营收1845亿元，同 比增长15%，非国际财务报告准则公司权益持有人应占盈利631亿元，同比增长10%。 其中，腾讯营销服务业务第二季度收入为357.62亿元，同比增长20%，超出行业平均水平，并实现连续11个季度两位数同 比增长。财报表示，该业务增长主要受益于AI驱动的广告平台改进及微信交易生态的提升，推动了广告主对视频号、小程序及 微信搜一搜的强劲需求。 事实 ...

【环球网财经综合报道】A股市场正掀起一轮声势浩大的回购增持浪潮。数据显示，"十四五"期间，上市公司通过分红、回购向投资者派发的"红包"合计超 过10.6万亿元，回报意识显著增强。进入2025年，这一趋势愈演愈烈，上市公司正以"真金白银"的行动，向市场传递着对公司未来发展的坚定信心。 回购热情高涨， 2024 年刷新历史纪录 Wind数据显示，A股上市公司的回购积极性在近年持续攀升。2021年以来，共有3677家上市公司对外披露回购方案。其中，2024年成为历史性的高点，全年 共有1472家公司发布回购方案，2192家公司实施了股份回购，合计回购金额高达1586.13亿元，双双刷新历史纪录。 进入2025年，这股回购热潮丝毫未减。年初至今，已有634家A股上市公司发布回购方案，延续了去年的强劲势头。从古越龙山到海尔智家，近期多家上市 公司密集披露回购进展，部分公司单月回购金额过亿，短期内累计回购金额已接近方案下限。 " 注销式回购 " 增多，回报质量提升 在回购规模扩大的同时，回购的"含金量"也在提升。在政策引导下，以减少注册资本为目的的"注销式回购"案例不断增加，成为市场关注的新焦点。 政策工具赋能，超 15 ...

政策支持引导下，近年来，A股市场注销式回购案例不断增加。尤其近期，部分上市公司将此前的回购 用途变更为注销。 初灵信息9月29日公告，公司于当日召开第五届董事会第二十二次会议，审议通过《关于变更部分回购 股份用途并注销的议案》，拟对于2025年1月3日召开的第五届董事会第十八次会议审议通过的《关于回 购公司股份方案的议案》所实施回购的股份中的31.8亿股用途"为维护公司价值及股东权益所必需，回 购的股份将在披露本回购完成公告十二个月后根据相关规则予以出售"变更为"用于注销并相应减少注册 资本"，该议案尚需提交股东大会审议。 数据显示，"十四五"期间，上市公司通过分红、回购金额合计超过10.6万亿元。 Wind数据显示，2021年以来，3677家上市公司对外披露回购方案。其中，2024年发布回购方案的上市 公司数量为1472家，创历史新高。从实施回购角度看，2024年，共有2192家A股公司实施了股份回购， 合计回购金额为1586.13亿元，刷新纪录。 进入2025年，上市公司回购积极性持续高涨。Wind数据显示，2025年以来，634家A股上市公司发布回 购方案。 从回购增持贷款角度看，Wind数据显示，截至 ...

Core Viewpoint - The increasing trend of companies opting for stock buybacks and cancellations signals a strong commitment to returning value to shareholders, enhancing earnings per share (EPS) through reduced share count [3][5][12] Group 1: Reasons for Increasing Popularity of Cancellation Buybacks - Cancellation buybacks effectively increase the per-share value by reducing the total number of shares while keeping net profits unchanged, leading to a higher EPS [3][5] - The regulatory environment, particularly the new "National Nine Articles," encourages cancellation buybacks as part of dividend payout ratios, aiming to eliminate misleading buyback practices [5] - The current market conditions, characterized by a scarcity of quality assets, compel companies to enhance their valuation resilience through buybacks [5] Group 2: Potential Risks and Considerations - Companies relying on high-interest loans for buybacks may present an attractive short-term appearance but risk long-term financial health due to increased debt [5][7] - If buyback prices are excessively high, it may result in companies overpaying for their shares, ultimately harming shareholder interests [5][7] - A rise in EPS without corresponding improvements in profitability may merely reflect accounting maneuvers rather than genuine financial strength, potentially leading to a decline in stock prices when the market corrects [7][10] Group 3: Investor Considerations - Investors should prioritize understanding the source of funds for buybacks, the fairness of buyback prices, and whether the company's fundamentals are improving alongside EPS increases [10][12] - The focus should be on sustainable growth drivers, such as solid profitability, healthy financial conditions, and clear long-term strategies, rather than short-term numerical enhancements [10][12] - The true value of a company is reflected in its long-term performance and commitment to delivering on promises, rather than just immediate financial maneuvers [12]

Core Viewpoint - Companies are increasingly engaging in cancellation buybacks, with several firms opting to cancel shares from employee stock ownership plans due to unmet performance targets [2][10]. Group 1: Company Actions - Ninebot Company (689009.SH) announced the cancellation of 6 million CDRs, representing 0.83% of its total CDRs, previously intended for employee stock ownership plans [2][4]. - Other companies, including Qi Anxin (688561.SH) and Lepu Medical (300003.SZ), have also engaged in similar cancellation buybacks [2][6]. - Xinhe Co., Ltd. (003016.SZ) canceled 8 million shares, accounting for 1.867% of its total shares, with a total repurchase amount of approximately 69.92 million yuan [8]. Group 2: Market Implications - Cancellation buybacks are expected to reduce total share capital, potentially increasing earnings per share (EPS) without a change in net profit, thereby enhancing stock investment value [2][11]. - The trend of cancellation buybacks is seen as a response to policy guidance, market logic, and corporate demands, indicating a shift towards shareholder value [2][11]. Group 3: Financial Considerations - Ninebot Company stated that the cancellation will not affect its debt repayment ability or financial status significantly [4]. - The overall market environment, including the scarcity of quality assets and heightened investor demands for returns, is driving companies to focus on enhancing shareholder value [11][13]. - Concerns exist regarding the sustainability of EPS increases if underlying business fundamentals do not improve alongside buybacks [13].

Group 1 - The increase in cancellation-based repurchases in the A-share market reflects a heightened importance placed by listed companies, driven by policy support, shareholder returns, and signals of cash flow abundance [1][2] - Policies such as the "National Nine Articles" and the CSRC's guidelines encourage listed companies to repurchase and cancel shares, which helps boost investor confidence [1] - Cancellation-based repurchases reduce the number of circulating shares, thereby increasing net assets and earnings per share, which enhances shareholder returns and improves stock value perception [1] Group 2 - The establishment of the "stock repurchase and increase loan" tool has provided additional funding sources for companies, lowering repurchase costs and promoting governance capabilities [2] - Since the introduction of this tool, 673 companies have announced stock repurchase and increase loans, with a total loan ceiling of 145.339 billion [2] - The tool has been well-received in the market, indicating a significant positive impact on the stock repurchase activities of listed companies [2] Group 3 - While cancellation-based repurchases can positively influence market confidence, investors should analyze these actions in conjunction with the company's fundamentals and future performance expectations [3] - Companies should implement cancellation-based repurchases thoughtfully, aligning them with their operational and financial conditions to avoid potential pitfalls [3] - Cancellation-based repurchases serve as a strategic choice for companies to enhance their investment value and optimize capital structure, contributing to the high-quality development of the capital market [3]

Core Viewpoint - Guizhou Moutai has executed a significant share buyback and announced plans for further stock purchases by its controlling shareholder, signaling confidence in its long-term value and aiming to stabilize market expectations amid a challenging environment for the liquor industry [1][5][10]. Share Buyback - Guizhou Moutai completed a share buyback of 3.9276 million shares, accounting for 0.3127% of its total share capital, with a total expenditure of 6 billion yuan, at prices ranging from 1,408.29 yuan to 1,639.99 yuan per share [1][4]. - This buyback is the first cancellation-style repurchase since the company's listing, aimed at reducing registered capital and enhancing shareholder value [4][5]. Controlling Shareholder's Purchase Plan - The controlling shareholder, Moutai Group, plans to increase its stake in Guizhou Moutai by investing between 3 billion and 3.3 billion yuan over the next six months [6][8]. - Moutai Group holds 678 million shares, representing 54.07% of the total share capital, and has committed not to reduce its holdings during the purchase period [8]. Financial Performance - For the first half of 2023, Guizhou Moutai reported total revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [8]. - Despite record revenue and profit, the growth rate has slowed to single digits for the first time since 2015, indicating potential underlying risks [9]. Market Context - Guizhou Moutai has faced increased pressure in a down cycle for the liquor industry, with a notable decline in contract liabilities, which fell by 42.59% from 95.9 billion yuan to 55.1 billion yuan [9]. - The company's cash flow from operations decreased significantly by 64.18% to 13.12 billion yuan, raising concerns about its financial stability [9]. - The recent stock price competition with Cambrian (688256.SH) highlights the challenges faced by Guizhou Moutai in maintaining its status as the highest-priced stock in A-shares [10].